BP Invests $1 Billion in Indian Fuels Joint Venture with Reliance Industries
July 09 2020 - 10:58AM
Dow Jones News
By Adriano Marchese
BP PLC said Thursday that it has entered into a joint venture
with Reliance Industries Ltd. to operate in India's fuels and
mobility markets.
The U.K. oil major said it has invested $1 billion for a 49%
stake in the new JV, Reliance BP Mobility Ltd., operating under the
Jio-bp brand. Reliance has the remaining 51% interest.
The joint venture was originally proposed in August last
year.
The two partners expect India to be the fastest-growing fuels
market in the world over the next 20 years, with the number of
passenger cars in the country estimated to increase almost sixfold
in that time.
The joint venture will aim to expand from a current fuel
retailing network of more than 1,400 retail sites to up to 5,500
over the next five years. It expects to employ up to 80,000 people,
from 20,000 currently.
The new JV will also reflect BP's net-zero ambitions, it said,
aiming to provide Indian consumers with lower-emissions fuels.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 09, 2020 10:43 ET (14:43 GMT)
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